[quote=livinincali][quote=EconProf]Perhaps a lot of Gate’s and Buffett’s increased generosity later in life is due to a natural inclination to be more reflective and giving as we age. Their consumption appetites are satisfied by a tiny fraction of their wealth, so they look around and discover how much good that wealth could be doing.
Come to think of it, the world might be worse off if they had decided at a younger age to discover philanthropy. All the money Gates and Buffett piled up in their 40’s and 50’s would not have materialized and be doing good things now.[/quote]
The generosity could also be for more selfish reasons like leaving a legacy. We talk about Ford, Carnegie, and Rockafeller today, but will we be talking about Buffet, Gates, and Jobs 20, 30 40 years into the future. Without someway to establish a lasting legacy you can certainly be forgotten. Did Jobs establish a legacy or is he just a going to end up as a cult hero that those geezers in their 70’s are talking about 50 years from.[/quote]
In 2012 (or so) dollars, Rockefeller had a fortune of somewhere between $400 – $650 billion; Gates is supposed to have something closer to $75, less than Sam Walton, Henry Ford, Astor, etc. Now, Gates isn’t done yet, but he’s unlikely to unseat the Carnegies, Rockefellers, etc.
